Trump and Harris Proposals to Skyrocket National Debt Amid Election Promises
October 7, 2024Harris's proposals include substantial investments in affordable housing, manufacturers, and small businesses, totaling around $2.3 trillion.
Her campaign asserts that these investments will be funded by higher taxes on corporations and the wealthy, emphasizing a commitment to fiscal responsibility.
Trump's agenda also relies on new tariffs on imports, estimated to raise between $2 trillion and $4.3 trillion over a decade.
In contrast, Trump's proposals are projected to add $7.5 trillion to the national debt, primarily due to extensive tax cuts and expenditures.
Vice President Kamala Harris and former President Donald Trump are unveiling extensive lists of promises to voters, focusing on critical issues such as housing, healthcare, and tax relief.
However, neither candidate has significantly addressed the rising national debt, despite bipartisan calls for fiscal responsibility.
The Committee for a Responsible Federal Budget (CRFB) indicates that Trump's proposals would lead to significantly more debt than Harris's, estimating a potential $15.2 trillion increase.
The CRFB warns that the growing national debt could slow economic growth, limit policy choices, and increase the risk of a fiscal crisis.
His plans include extending nearly all provisions of the 2017 Tax Cuts and Jobs Act, which alone is expected to cost about $5.4 trillion.
Both candidates' proposals would require Congressional approval, raising questions about their feasibility in a divided legislative environment.
Overall, the analysis suggests that under both candidates, national debt would likely grow faster than the economy, with Harris being viewed as more fiscally responsible than Trump.
Harris aims to offset costs by increasing corporate and capital gains tax rates to 28%, but these measures are not expected to fully cover her proposed expenses.
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